• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
French government spokesman: (Regarding Trumps tariff measures) We are ready for this trade war.French government spokesman: France will respond to Trumps tariffs together with Europe and reiterate that it will take reciprocal measures against digital services.On April 3, Anhui Provincial Governor Wang Qingxian presided over the 66th executive meeting of the provincial government on the afternoon of April 2 to review the "Opinions on Promoting the "Double Recruitment and Double Introduction" of Emerging Industries and Improving the Quality and Efficiency of Industrial Cultivation (Version 2.0)". The meeting pointed out that promoting the "double recruitment and double introduction" of emerging industries and improving the quality and efficiency of industrial cultivation is an important measure to create an emerging industry gathering place. We should focus on optimizing the industrial ecology, promoting the coordinated advancement of investment promotion and talent attraction, deepening the integrated development of "government, industry, academia, research, finance and services", and driving the integration of science and technology, industry and talents to land and empower each other. We must adhere to cutting-edge thinking, cutting-edge observation and cutting-edge action, further improve the quality and efficiency of the operation of the industry special team, constantly launch new offensives and achieve new results, and provide more powerful support for the provinces high-quality development.On April 3, Trump announced on April 2 that he would impose a 24% reciprocal tariff on Japan. In terms of details, the United States accused Japan of imposing a 700% tariff on American rice. Given that Japan imposed a "46%" tariff on the United States, a "24%" reciprocal tariff was imposed on Japan. Japans Minister of Agriculture, Forestry and Fisheries Taku Eto responded on April 3: "Even if you calculate logically, you wont get such a number. Its incomprehensible."Euro Stoxx 50 futures fell 2.08%, Germanys DAX futures fell 2.12% and Britains FTSE 100 futures fell 1.48%.

After a Strong Rise Supported by the BOE's Dovish Guidance, EUR/GBP Floats Above 0.8700

Alina Haynes

Dec 16, 2022 11:57

 EUR:GBP.png

 

Following Thursday's trading above the important resistance level of 0.8700, the EUR/GBP pair is exhibiting range-bound behavior during the Tokyo session. After the Bank of England (BOE) sounded dovish on policy advice and the European Central Bank (ECB) announced a hawkish forecast for interest rates, market participants engaged in aggressive cross buying.

 

As expected, BOE Governor Andrew Bailey increased interest rates by 50 basis points (bps) to 3.25 percent. The inflation rate in the United Kingdom is in double digits, and the struggle against persistent inflation will continue for an extended period; hence, policy tightening is essential.

 

As direction for future monetary policy actions, the BOE noted that "the majority of the Monetary Policy Committee (MPC) feels that more bank rate increases may be necessary." The British pound has been subjected to great pressure due to the lack of clarity surrounding future policy tightening. Voting on the interest rate decision, policymakers supported the status quo because they regarded the current interest rate policy to be adequate for fighting inflation.

 

As predicted, ECB President Christine Lagarde raised interest rates by 50 basis points in relation to the Eurozone. Due mostly to rising food prices, the Eurozone's central bank expects inflation to remain well above its 2% target for a lengthy period of time. The ECB has upped its interest rate peak forecast because it anticipates two additional 50 basis point rate hikes.

 

The release of Retail Sales statistics for the United Kingdom will be significant for future forecasting. According to the forecasts, the yearly economic statistics (Nov) would likely decline by 5.6% compared to the previously reported 6.1% decrease. While the monthly data will decline from 0.6% to 0.3%, they were 0.6% in the previous report.